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NEWS
RELEASE
W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000
             
FOR IMMEDIATE RELEASE     CONTACT:    Karen A. Horvath
Vice President - External
Financial Communications
(203) 629-3000


W. R. Berkley Corporation Reports Third Quarter 2025 Results
Net Income Increased 39.8% to $511.0 Million;
Return on Equity of 24.3% and Operating Return on Equity of 21.0%
Greenwich, CT, October 20, 2025 - W. R. Berkley Corporation (NYSE: WRB) today reported its third quarter 2025 results.
Summary Financial Data
(Amounts in thousands, except per share data)
Third QuarterNine Months
2025202420252024
Gross premiums written$3,836,256 $3,633,278 $11,497,964 $10,713,806 
Net premiums written3,226,930 3,057,276 9,711,672 9,035,346 
Net income to common stockholders511,032 365,634 1,329,892 1,180,014 
Net income per diluted share1.28 0.91 3.32 2.92 
Operating income (1)440,198 393,003 1,280,364 1,216,061 
Operating income per diluted share (1)1.10 0.98 3.20 3.01 
Return on equity (2)24.3 %19.6 %21.1 %21.1 %
Operating return on equity (1) (2)21.0 %21.1 %20.3 %21.7 %


(1)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses). Commencing with the second quarter of 2025, the Company’s 2024 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation.
(2)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.


W. R. Berkley Corporation        2

Third quarter highlights included:
•Return on equity of 24.3% and operating return on equity of 21.0%.
•Net income grew 39.8% to $511.0 million.
•Average rate increases excluding workers' compensation were approximately 7.6%.
•Gross and net premiums written grew to $3.8 billion and $3.2 billion, respectively.
•The current accident year combined ratio before catastrophe losses of 2.5 loss ratio points was 88.4%.
•The reported combined ratio was 90.9%, including current accident year catastrophe losses of $78.5 million.
•Net investment income of $351.2 million driven by core portfolio increase of 9.4%.
•Book value per share grew 5.8%, before dividends and share repurchases.
•Record common stockholders' equity of $9.8 billion.




Management commented:
The Company delivered strong third quarter results highlighted by a 24.3% return on beginning of year shareholders’ equity, reflecting continued strength in both underwriting and investment income. Book value per share increased 5.8%, before dividends and share repurchases.
Our decentralized structure and focus on specialty niche markets continue to differentiate us, enabling growth while maintaining rate adequacy and underwriting discipline. This approach resulted in another strong quarterly combined ratio of 90.9%.
Fixed-maturity investment income increased 9.8% over the corresponding period of 2024. The Company’s new money rate continues to exceed the book yield of our fixed-maturity securities. The strength of our operating cash flow continues to grow our investable assets and will continue to make a positive contribution to investment income.
Our disciplined underwriting, anchored in our focus on long-term risk-adjusted return, continues to drive superior performance across market cycles. We believe the Company remains well-positioned to create exceptional value for our shareholders throughout the remainder of 2025 and beyond.



W. R. Berkley Corporation        3
Webcast Conference Call
    The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on October 20, 2025, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/events-and-presentations/default.aspx. Please log on early to register. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.
About W. R. Berkley Corporation
    Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.




W. R. Berkley Corporation        4
Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2025 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. Forward-looking statements are generally, although not always, identified by words such as "may," "should," "expects," "provides," "anticipates," "assumes," "can," "will," "meets," "could," "likely," "intends," "might," "predicts," "seeks," "would," "believes," "estimates," "plans," "continues," or similar expressions. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, foreign governmental bonds, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy-related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, the risk of recession, changing interest rates, the impact of tariffs and volatility in the credit and capital markets; the impact of a prolonged U.S. government shutdown on macroeconomic conditions; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; cyber security breaches of our information technology systems and the information technology systems of our vendors and other third parties; the use of artificial intelligence technologies by us or third-parties on which we rely could expose us to technological, security, legal, and other risks; the risk of future pandemics, as well as continuing effects of the COVID-19 pandemic; foreign currency and political risks relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2025 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.




# # #







W. R. Berkley Corporation        5
Consolidated Financial Summary
(Amounts in thousands, except per share data)
Third QuarterNine Months
2025202420252024
Revenues:
  Net premiums written$3,226,930 $3,057,276 $9,711,672 $9,035,346 
  Change in net unearned premiums(70,548)(130,453)(444,724)(497,761)
    Net premiums earned3,156,382 2,926,823 9,266,948 8,537,585 
  Net investment income351,238 323,756 1,090,833 1,015,723 
  Net investment gains (losses):
  Net realized and unrealized gains (losses) on investments78,800 (23,362)125,044 (72,165)
   Change in allowance for credit losses on investments160 15,276 1,244 31,347 
  Net investment gains (losses)78,960 (8,086)126,288 (40,818)
  Revenues from non-insurance businesses150,335 128,610 408,083 375,307 
  Insurance service fees30,924 28,666 92,610 81,583 
  Other income397 610 1,681 1,804 
       Total Revenues3,768,236 3,400,379 10,986,443 9,971,184 
Expenses:
   Loss and loss expenses1,968,857 1,825,960 5,825,073 5,270,334 
   Other operating costs and expenses975,333 943,365 2,964,550 2,704,890 
   Expenses from non-insurance businesses144,176 124,885 392,976 364,612 
   Interest expense31,760 31,720 95,265 95,156 
     Total expenses3,120,126 2,925,930 9,277,864 8,434,992 
     Income before income tax648,110 474,449 1,708,579 1,536,192 
   Income tax expense(136,141)(109,135)(378,551)(356,958)
     Net Income before noncontrolling interests511,969 365,314 1,330,028 1,179,234 
   Noncontrolling interest(937)320 (136)780 
     Net income to common stockholders$511,032 $365,634 $1,329,892 $1,180,014 
 Net income per share:
 Basic$1.29 $0.92 $3.35 $2.95 
 Diluted$1.28 $0.91 $3.32 $2.92 
 Average shares outstanding (1):
 Basic397,220 398,338 397,056 400,302 
 Diluted400,204 401,817 400,306 404,053 


(1)Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.



W. R. Berkley Corporation        6
Business Segment Operating Results
(Amounts in thousands, except ratios) (1)
Third QuarterNine Months
2025202420252024
Insurance:
   Gross premiums written$3,393,023 $3,219,128 $10,216,863 $9,501,027 
   Net premiums written2,809,743 2,673,275 8,517,901 7,929,439 
   Net premiums earned2,773,009 2,564,490 8,144,300 7,447,828 
   Pre-tax income474,538 469,421 1,496,715 1,437,623 
   Loss ratio63.9 %63.1 %63.9 %63.0 %
   Expense ratio28.4 %28.4 %28.1 %28.4 %
   GAAP Combined ratio92.3 %91.5 %92.0 %91.4 %
Reinsurance & Monoline Excess:
   Gross premiums written$443,233 $414,150 $1,281,101 $1,212,779 
   Net premiums written417,187 384,001 1,193,771 1,105,907 
   Net premiums earned383,373 362,333 1,122,648 1,089,757 
   Pre-tax income144,008 105,225 391,687 357,299 
   Loss ratio51.3 %57.0 %55.5 %53.2 %
   Expense ratio29.8 %29.7 %29.1 %29.5 %
   GAAP Combined ratio81.1 %86.7 %84.6 %82.7 %
Corporate and Eliminations:
   Net investment gains (losses)$78,960 $(8,086)$126,288 $(40,818)
   Interest expense(31,760)(31,720)(95,265)(95,156)
   Other expenses(17,636)(60,391)(210,846)(122,756)
   Pre-tax income (loss)29,564 (100,197)(179,823)(258,730)
Consolidated:
   Gross premiums written$3,836,256 $3,633,278 $11,497,964 $10,713,806 
   Net premiums written3,226,930 3,057,276 9,711,672 9,035,346 
   Net premiums earned3,156,382 2,926,823 9,266,948 8,537,585 
   Pre-tax income 648,110 474,449 1,708,579 1,536,192 
   Loss ratio62.4 %62.4 %62.9 %61.7 %
   Expense ratio28.5 %28.5 %28.2 %28.6 %
   GAAP Combined ratio90.9 %90.9 %91.1 %90.3 %


(1)Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.



W. R. Berkley Corporation        7
Supplemental Information
(Amounts in thousands)
Third Quarter Nine Months
2025202420252024
Net premiums written:
   Other liability$1,092,550 $1,066,005 $3,419,802 $3,213,296 
   Short-tail lines (1)663,017 592,913 1,969,507 1,768,355 
   Auto416,956 413,260 1,254,788 1,170,020 
   Workers' compensation330,181 302,179 1,011,679 939,243 
   Professional liability307,039 298,918 862,125 838,525 
     Total Insurance2,809,743 2,673,275 8,517,901 7,929,439 
   Casualty (2)192,694 189,386 568,412 567,522 
 Property (2)119,671 106,106 367,755 306,925 
 Monoline excess 104,822 88,509 257,604 231,460 
     Total Reinsurance & Monoline Excess417,187 384,001 1,193,771 1,105,907 
          Total$3,226,930 $3,057,276 $9,711,672 $9,035,346 
Current accident year losses from catastrophes:
   Insurance$69,826 $76,848 $218,073 $190,931 
   Reinsurance & Monoline Excess8,691 20,970 70,785 27,073 
     Total$78,517 $97,818 $288,858 $218,004 
Net Investment income:
   Core portfolio (3)$329,508 $301,146 $974,811 $962,293 
   Investment funds5,421 4,741 59,713 868 
   Arbitrage trading account16,309 17,869 56,309 52,562 
     Total$351,238 $323,756 $1,090,833 $1,015,723 
Net realized and unrealized gains (losses) on investments:
   Net realized gains (losses) on investments$69,210 $(21,825)$31,877 $(29,723)
   Change in unrealized gains (losses) on equity securities9,590 (1,537)93,167 (42,442)
     Total$78,800 $(23,362)$125,044 $(72,165)
Other operating costs and expenses:
   Policy acquisition and insurance operating expenses$900,312 $835,376 $2,620,657 $2,438,905 
   Insurance service expenses22,711 21,786 70,245 66,309 
   Net foreign currency (gains) losses (12,009)24,619 62,765 1,324 
   Other costs and expenses64,319 61,584 210,883 198,352 
     Total$975,333 $943,365 $2,964,550 $2,704,890 
Cash flow from operations$1,139,860 $1,240,770 $2,587,484 $2,868,335 
Reconciliation of net income to operating income (4):
   Net income$511,032 $365,634 $1,329,892 $1,180,014 
   Pre-tax investment (gains) losses, net of related expenses(78,305)8,086 (125,985)40,818 
   Pre-tax net foreign currency (gains) losses (12,009)24,619 62,765 1,324 
   Income tax expense (benefit) 19,480 (5,336)13,692 (6,095)
     Operating income after-tax $440,198 $393,003 $1,280,364 $1,216,061 
(1)Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery, high net worth homeowners and other lines.
(2)Includes reinsurance casualty and property and certain program management business.
(3)Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.
(4)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and after-tax net foreign currency gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Commencing with the second quarter of 2025, the Company’s 2024 financial information has been restated to exclude after-tax net foreign currency gains (losses) from operating income to conform with this presentation. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.


W. R. Berkley Corporation        8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
September 30, 2025December 31,
2024
Net invested assets (1)$32,815,947 $29,780,638 
Total assets43,715,217 40,448,635 
Reserves for losses and loss expenses21,757,035 20,368,030 
Senior notes and other debt1,829,511 1,831,158 
Subordinated debentures1,010,347 1,009,808 
Common stockholders' equity (2)9,798,892 8,395,111 
Common stock outstanding (3)379,877 380,066 
Book value per share (4) 25.79 22.09 
Tangible book value per share (4) 25.18 21.46 


(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(2)As of September 30, 2025, reflected in common stockholders' equity are after-tax unrealized investment losses of $177 million and unrealized currency translation losses of $329 million. As of December 31, 2024, reflected in common stockholders' equity are after-tax unrealized investment losses of $517 million and unrealized currency translation losses of $417 million.
(3)During the nine months ended September 30, 2025, the Company repurchased 1,200,000 shares of its common stock for $73.8 million. During the three months ended September 30, 2025, the Company repurchased 350,000 shares of its common stock for $24.6 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.
(4)Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.



W. R. Berkley Corporation        9
Investment Portfolio
September 30, 2025
(Amounts in thousands, except percentages)
Carrying ValuePercent of Total
Fixed maturity securities:
   United States government and government agencies$3,478,237 10.6 %
   State and municipal:
        Special revenue1,258,705 3.8 %
        State general obligation261,797 0.8 %
        Local general obligation225,190 0.7 %
        Corporate backed181,492 0.6 %
        Pre-refunded75,319 0.2 %
            Total state and municipal2,002,503 6.1 %
   Mortgage-backed securities:
        Agency4,450,198 13.6 %
        Commercial331,629 0.9 %
        Residential - Prime188,034 0.6 %
        Residential - Alt A1,538 0.0 %
            Total mortgage-backed securities4,971,399 15.1 %
   Asset-backed securities3,831,174 11.7 %
   Corporate:
        Industrial3,705,998 11.3 %
        Financial3,544,403 10.8 %
        Utilities1,252,731 3.8 %
        Other237,640 0.7 %
            Total corporate 8,740,772 26.6 %
   Foreign government 1,923,864 5.9 %
            Total fixed maturity securities (1)24,947,949 76.0 %
Equity securities available for sale:
   Common stocks721,950 2.2 %
   Preferred stocks660,482 2.0 %
            Total equity securities available for sale1,382,432 4.2 %
Cash and cash equivalents (2)2,352,117 7.1 %
Investment funds1,430,991 4.4 %
Real estate1,305,299 4.0 %
Arbitrage trading account1,070,304 3.3 %
Loans receivable326,855 1.0 %
          Net invested assets$32,815,947 100.0 %


(1)Total fixed maturity securities had an average rating of AA- and an average duration of 2.9 years, including cash and cash equivalents.
(2)Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.